Bitcoin Cash printed a new 3-week low but despite the recent fall this week, targeting the 400 level is still promising.

As a result, my August 12 long trade plan has exited in loss after holding for 15 days and 9 hours:

https://www.finlogix.com/analysis/20240812/bitcoin-cash-intraday-analysis-and-trading-plan-for-august-22-2024

The US is set to have 3 high-impact economic reports this week starting tomorrow Thursday.

The crypto markets in general including Bitcoin Cash traded lower this week fully giving up its gains last week.

Re-assessing BCHUSD’s high timeframe candles:

Yearly Candle: Still a Green Long Upper Shadow since last check

Monthly Candle: Last check is a Red Long Lower Shadow with a Medium Body now a Red Body with a Longer Tail Wick

Weekly Candle: Previous close is a Green Body with a Longer Head Wick current is a Red Body with a Longer Tail Wick

Daily Candle: Previous close is a Red Body with a Longer Tail Wick current is a Green Spinning Top with a Longer Tail Wick

I’m still using the July 29 swing high to August 5 swing low moves as the retracement points of view for today’s analysis.

BCHUSD rebounded from the retracement’s 23.60% fib level completing the down wave from the latest rejection on the 50%.

If ever BCH loses this crucial support level, bears will fully come in again to seek the sell-side liquidity levels that are residing below the August 5 swing low.

While its price is still hovering in discounted zones, I’m biased to the upside speculating the 23.60% fib holds with a minimum target towards the 61.80% level.

Today’s trade plan is to set a long limit order riding the current 4H green candle targeting the 400 mark after clearing the 61.80% fib resistance level.

In case the trade backfires, I am willing to set the stop loss at the 300 level only.

Note: Finlogix pricing is set from the ACY Securities price feed, with liquidity being sourced by top-tier banks via ACY Connect.

Let’s see how this one goes and good luck.

All trade ideas I share are my views and for my trades only.

Bitcoin Cash Intraday Analysis and Trading Plan for August 28, 2024

Aug 28 2024

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